Friday, January 28, 2022
Home3PL/4PLXLOG gets patent for blockchain-based digital solution

XLOG gets patent for blockchain-based digital solution

  • The XLOG platform was awarded a patent in the Philippines for its blockchain-based digital solutions
  • The software is the world’s first fully-integrated blockchain-based end-to-end shipping and logistics platform

The XLOG platform, developed by Filipino fintech firm Shiptek Solutions Corp., was recently awarded a patent in the Philippines for its blockchain-based digital solutions.

XLOG’s end-to-end logistics solutions aim to revolutionize the logistics sector by providing a holistic approach to almost all facets of shipping and logistics services.

“Fintech or financial technology is an emerging trend in the shipping and logistics spaces that uses technology to improve financial activities. To file patents in this sector is uniquely powerful when compared to trademark and copyright,” XLOG chief of operations Joey Ynion said in a statement.

He added patent protection is one of the most essential elements technology companies need to focus on.

“This is the most significant in the case of start-up companies like us. We spent an enormous amount of time, effort as well as development costs in creating novel solutions for the logistics and shipping spaces,” Ynion added.

The XLOG platform simplifies shipping and logistics by bringing the two industries into the digital age by creating an online marketplace for companies that offer and companies that require such services.

Ynion said the software is the world’s first fully-integrated blockchain-based end-to-end shipping and logistics platform, which aims to solve all logistics challenges by simplifying processes, improving tracking and security, and easing transaction documentation.

Among XLOG features are the reduced time and mistakes when carrying out a transaction by automating operations with ready-to-use solutions to go digital; Sea Freight Booking Management Portal; XLOGPay (Financing); Track & Trace; Auto-Truck Dispatching & Driver App; Digital Documentation; and Finance Management.

Shiptek president and founder Eugenio “Jun” Ynion, Jr., described XLOG as the Traveloka for shipping lines, Uber for trucking, and the Airbnb for warehousing because the online marketplace has demand for storage, trucking, shipping, containerized services, and many more.

Partnering with UnionBank has opened doors to a credit facility.

Shiptek Solution’s sales and marketing head, Eric John Vitug, explained that with the support of UnionBank’s UBX, the platform had integrated a loan system into the system. The alliance allows Shiptek, UnionBank, and UBX to fuse their shared expertise in one ecosystem where logistics and finances create value-laden experiences and conveniences for stakeholders.

Jun explained, “If you are a small entrepreneur with only one truck or vacant property that you want to use for your business, the XLOG platform allows you to ‘legitimize’ by linking you to big businesses and eventually to UnionBank itself.”

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